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Techtex Market To Grow At 12%

• By  Henry Dsouza
• September 19, 2017

The country's technical textile market has huge growth potential and it is expected to grow at 12% per annum to reach US$ 23 billion (Rs 150,000 crore) in 2020.

 “The industry is expected to grow at 12% per annum to reach US$ 23 billion (Rs 150,000 crore) from the present US$ 18.16 billion (Rs 116,000 crore). India comprises 4% of the global technical textiles exports,” Textile Commissioner Kavita Gupta said on the sidelines of 7th edition of 3-day Techtextil India 2017.

Technical textile is the future for the Indian textile industry, as it exists in every aspect of our life but this needs better productivity, better technology and better durability. In India, technical textiles is expected to attract lot of investment opportunities.

The government offers 15% subsidy for domestic players, who want to set up manufacturing facilities. In the last five years period the growth has been 12.4% CAGR, Gupta said. Demand for technical textiles is expected to stay steady during the period 2017-2020, due to a broadening application in enduse industries, such as automotive, construction, healthcare,  sports equipment, etc.

Telangana government has put in ample efforts to utilise their resources and unleash the potential in the textiles sector. Announcing a close cooperation with Messe Frankfurt, Mihir Parekh, Department of Handlooms & Textiles, Government of Telangana said, "Telangana state is developing Kakatiya Integrated Mega Textile Park in Warangal over an area of 1,200 acres with full complement of high quality trunk infrastructure.

"Through this partnership with Techtextil India and Messe Frankfurt India, we want to reach out to this niche sector and invite them to explore the immense growth opportunities that Telangana has to offer. We look forward to interacting with leading brands and partnering with them to create a roadmap for technical textiles in Telangana."

The Techtextil India symposium, the premier forum for the technical textiles industry hosted over 175 companies from India, Austria, Belarus, China, France, Germany, Italy, Korea, Spain, Belgium and Switzerland who exhibited their brands, garment machinery, latest innovations.                        

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